Weaker currencies in Brazil and Argentina have clobbered Telefonica’s financial results in recent quarters, even as its dual strategy to aim for both the upper and lower ends of the Spanish market has shown signs of bearing fruit.

On an organic basis, operating income before depreciation and amortisation (OIBDA) rose 4.1 percent in the quarter from a year earlier.

The company upgraded its 2018 revenue guidance to a 2 percent rise on an organic basis, compared to a previous 1 percent forecast increase. ($1 = 0.8817 euros) (Reporting by Isla Binnie)